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Wednesday, December 7, 2016

JACKSONVILLE, FL – Marcus
& Millichap (NYSE: MMI), a leading commercial real estate investment
services firm with offices throughout the United States and Canada, announced
the sale of a 9,098-square foot net-leased Olive Garden property located in
Jacksonville, Florida. The $2.4 million sales price equates to $263 per square
foot.

Ronnie Issenberg and Gabriel Britti, both vice presidents investments in Marcus &
Millichap’s Miami office, and Michael
Biama, a senior associate in Marcus & Millichap’s Washington DC office,
had the exclusive listing to market the property on behalf of the seller, a
private investor.

“This deal attracted a lot
of intention from investors seeking minimal risk and safety. The intrinsic
value of the land and building is very strong due to the low rent of $12 per
square foot being paid by the tenant” says Britti. “This type of deal is what
everyone wants in this market. Low risk, strong tenant and excellent intrinsic
value” adds Issenberg.

The asset is located
across from the Regency Square Mall at 9465 Atlantic Blvd. near the
intersection of Atlantic Blvd and Arlington Expressway in Jacksonville.

“This is one of the most visible retail
properties along Atlantic Blvd. with combined traffic counts exceeding 72,000
vehicles per day,” said Biama.

The property is surrounded
by approximately 1.4 million square feet of retail space including national
retailers such as Target, Home Depot, Sears, JCPenney, Best Buy and Starbucks,
among many others. Olive Garden has operated at this location since 1990, when
the original ground lease commenced.